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Ganesh Bank of Kurundwad Removed from RBI Schedule II

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Source: Reserve Bank of India · RBI/2006-2007/236 · issued 29 Jan 2007 · ~2 min read
Quick answerRBI excluded The Ganesh Bank of Kurundwad Ltd from the Second Schedule of the RBI Act, 1934, effective 21 October 2006. This means the bank lost its scheduled bank status, impacting its regulatory privileges and obligations.
The rule, in the simplest words
How it plays out — a real example

A credit officer at a scheduled commercial bank in Mumbai reviews the daily RBI notifications and sees that The Ganesh Bank of Kurundwad Ltd has been removed from the Second Schedule. She immediately checks her bank's exposure to that entity, finds a small interbank deposit, and flags it for higher credit risk assessment, ensuring her bank's records are updated and collateral is reviewed.

What changed

RBI notified that The Ganesh Bank of Kurundwad Ltd was removed from the Second Schedule to the RBI Act, 1934, effective 21 October 2006. The exclusion was based on a prior notification published in the Gazette of India on 26 September 2006.

What it means for you

For the banking sector, this exclusion means the bank is no longer a scheduled commercial bank, losing access to RBI's liquidity facilities and certain privileges. Other banks and lenders should note that counterparty risk for this entity may have increased, and any exposures need careful review.

What you must do

Who it affects

All scheduled commercial banks with interbank dealings with The Ganesh Bank of Kurundwad Ltd, Lenders and counterparties exposed to this bank, RBI's regulatory and supervisory teams

❓ Common questions

What does exclusion from the Second Schedule mean?

It means the bank loses its status as a scheduled commercial bank under the RBI Act, 1934, which affects its eligibility for RBI's liquidity support and certain statutory benefits.

When did this exclusion take effect?

The exclusion was effective from 21 October 2006, the date the related notification was published in the Gazette of India.

Should we continue transacting with this bank?

Exercise caution. The bank is no longer a scheduled entity, so its regulatory standing is diminished. Review your credit policies and risk management frameworks before any new transactions.

📜 Read the original circular — full text as issued by RBI
RBI/2006-2007/236 DBOD. Ret. BC No. 52/12.06.078/2006-07 January 29, 2007 All Scheduled Commercial Banks Dear Sirs, Exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 - "The Ganesh Bank of Kurundwad Ltd" We advise that the name of "The Ganesh Bank of Kurundwad Ltd" has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from 21st October 2006, i.e. the date on which the relative notification DBOD. No. PSBD. 2915/16.01.103 /2006-07 dated 26th September 2006 was published in the Gazette of India (Part III - Section 4). Yours faithfully, (S.Oram) Deputy General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2006-2007/236 · issued 29 Jan 2007. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Monitor RBI notifications for similar exclusions that may affect your counterparty list.
💰 Credit
  • Review any interbank transactions or guarantees involving this bank and consider collateral requirements.
📜 Compliance
  • Verify if your bank has any outstanding exposure to The Ganesh Bank of Kurundwad Ltd and assess credit risk accordingly.
  • Update internal records to reflect that this entity is no longer a scheduled bank for regulatory reporting.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All scheduled commercial banks with interbank dealings with The Ganesh Bank of Kurundwad Ltd, Lenders and counterparties exposed to this bank, RBI's regulatory and supervisory teams), your first concrete step on “Ganesh Bank of Kurundwad Removed from RBI Schedule II” is: “Verify if your bank has any outstanding exposure to The Ganesh Bank of Kurundwad Ltd and assess credit risk accordingly.” (RBI issued this 29 Jan 2007).

  1. Circular: RBI/2006-2007/236 -- Ganesh Bank of Kurundwad Removed from RBI Schedule II
  2. Issued: 29 Jan 2007
  3. Action required: Verify if your bank has any outstanding exposure to The Ganesh Bank of Kurundwad Ltd and assess credit risk accordingly.
  4. Action required: Update internal records to reflect that this entity is no longer a scheduled bank for regulatory reporting.
  5. Action required: Review any interbank transactions or guarantees involving this bank and consider collateral requirements.
  6. Action required: Monitor RBI notifications for similar exclusions that may affect your counterparty list.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3251&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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